Data Loss Studies and How They Affect Your Business

Business data concept

Every bit of information related to your business is part of your business data. That includes the content within your website. For that reason, you need to think about how to save all your business information. Contacting companies that deal in archived websites should be a priority if you are thinking of safeguarding your business from data loss.

Here are some studies and reports on data loss that can help you make up your mind:

   1. Common causes of data loss

According to a report by Kroll Ontrack:

  • 67% of data losses were caused by hard drive disks crashes
  • 14% of data losses were caused by human errors
  • 10% of data losses were caused by software failure

What this study indicates is that no matter how reliable you think your hardware or software is, you are probably mistaken. There is a chance, no matter how small, that your system may fail you when your business needs it the most. You can end up losing all the data that you have worked hard to accumulate all through the years. There are also times when you or your employees may cause that loss of data by accident.

Therefore, you need to think about archiving as much of your digital data as possible. It will enable you to create a website and social content when the situation calls for it. You never know, you may need to present that content in the courts of law. Having them archived can save you from legal problems in the future.

   2. The actual cost of downtime

Your business’s digital data is not safer than your physical data. The internet has made it possible for hackers to attack companies regardless of location. If your website goes down, your business has to deal with downtime.

Even if you can maintain a physical store, that will not safeguard your business revenues completely. According to research, downtime can cost your business anywhere from $8,000 to $700,000. That is just for a downtime of one hour. Now imagine being missing in action for days or even weeks.

To reduce your chances of losing digital data for long periods, you need to archive as much as you can. You and your business employees may not be able to restore everything to the way it was, but having digital records will make recovery easier. You can know what content is required in each section within your site.

   3. Business sustainability

lock as symbol for Privacy and General Data Protection Regulation on a notebook computer

If you cannot trace your business records, you won’t know who owes you money and whom you owe. Some people may take advantage of your business situation and even double-bill you. Then you would end up paying twice, possibly for something you have not purchased.

That may explain why 94% of businesses that suffer catastrophic data losses do not survive. Your business may have to declare bankruptcy to safeguard the assets left. Even then, you may be left with nothing when your creditors are through with you.

Always think about using services that not only archive your website and all its contents but also help you back up the rest of your business data. The monthly cost of such services is better than the financial disaster you would have to deal with if you lost all records about your business.

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